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I haven’t been to Venezuela, I am lucky to have lived in the US all my life, so I know I don’t really understand the struggles of people in a country like Venezuela.

It might be though that the introduction of the Petro as a currency accepted for taxes and goods and services inside the country as planned, will indirectly enable this airdrop to work. This will depend on the details of the Petro token, but it will most likely be possible for people to freely trade their bitcoin for Petro and spend it locally.

I’m just interested in seeing how this all plays out. This whole crypto boom has created a new class of wealthy people, with very different ideas on how everything should work. They have the capital and possibly the tools to create disruptive change.

Here is a different example of an anonymous crypto-wealthy person who is trying to do some good and support various causes with their wealth:

The Venezuelan government might accept petro as payment, but the Venezuelan government also likes to make up absurd exchange rates for the bolivar. They can just make up an exchange rate when it comes time to pay your taxes in petro.

The rollout has been a disaster, too. This is a country that was still debating between Ethereum and NEM after the presale had already supposedly started. Their whitepaper currently claims to be using the NEM blockchain.

People would have to be insane or hopelessly uninformed to buy into this petro nonsense. It's a cryptocurrency whose value is set by a corrupt failed state run by a guy who seemingly never even managed to graduate high school.

People would have to be insane or hopelessly uninformed to buy into this petro nonsense. It's a cryptocurrency whose value is set by a corrupt failed state run by a guy who seemingly never even managed to graduate high school.

“...Twitter users swung between annoyed and amused after finding they couldn’t buy their own country’s cryptocurrency. User @JanethMcc said "I only have my currency, the bolivar, and I can’t access the Petro. I demand an explanation as a Venezuelan."

Venezuelans will be able to buy Petros with bolivars in the secondary market, which, like Bitcoin trading in peer-to-peer online exchanges, will probably trade in line with the black market rate. Owning cryptocurrencies is attractive in inflation-ridden countries with currency controls like Venezuela as they provide a way to protect savings...”

It wasn’t even clear if there was an actual coin on a Blockchain, but it looks like they did implement something using the NEM blockchain:

“...Twitter users swung between annoyed and amused after finding they couldn’t buy their own country’s cryptocurrency. User @JanethMcc said "I only have my currency, the bolivar, and I can’t access the Petro. I demand an explanation as a Venezuelan."

Venezuelans will be able to buy Petros with bolivars in the secondary market, which, like Bitcoin trading in peer-to-peer online exchanges, will probably trade in line with the black market rate. Owning cryptocurrencies is attractive in inflation-ridden countries with currency controls like Venezuela as they provide a way to protect savings...”

It wasn’t even clear if there was an actual coin on a Blockchain, but it looks like they did implement something using the NEM blockchain:

Has government manipulation of currency ever worked over the long haul? The value of goods has a way of finding a natural center, regardless of how much a government says it costs in local currency or how much they say their currency is worth compared to other world currencies.

Is Venezuela's issue really hyperinflation, or the government not letting things work the way they should, and letting people starve?

Gov't take over of their oil, and then over reliance on oil sales to allow the country to buy staples has killed it. As oil price drops they cannot import enough necessities. Necessities which they no longer produce on their own.

Export land economic model forecasts this type of crisis where the main export is oil. When the price of crude oil rises sharply, costs and incomes rise, and demand for consumer goods and imported products rise due to the wealth effect. They also start consuming more of their oil production to sustain the cars and homes that were purchased. When the cycle turns, the country will deplete the accumulated foreign currency reserves as exports fall.

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